The over 55 generation is set to double by 2020, and as they approach their retirement, many are facing challenging decisions around the next steps for a mortgage. With this number on the rise, Marsden Building Society are on a mission to raise awareness and break down the barriers around borrowing in retirement and offer a wider selection of options.
With many lenders not looking to extend mortgage terms or consider existing interest-only mortgages over the age of 55, some borrowers are unsure on their next steps and face tough decisions over what to do at the end of their mortgage term.
A number of factors can lead to borrowers seeking a mortgage in later life, from home improvements, plans to downsize in the future and some wanting to release money from their home to give their children or grandchildren to help their first step onto the property ladder.
What options are available to over 55s looking for more information?
There’s lots of ways that you can find out more about borrowing in retirement from researching on the internet, speaking to a mortgage advisor or getting in touch with banks or building societies that can help with your situation. Mortgages are completely personal to each individual so it’s always beneficial to look at your plans now and in the future and find an option that works.
Marsden Building Society is one of the lenders that has developed a 55+ mortgage range to help those faced with these decisions in retirement.
Head of Lending at the Marsden, Steve Robinson said, “We’re responding to a growing need to support customers who may previously have thought a mortgage was no longer an option and those whose current interest-only mortgages are coming to an end, as we felt that the solutions for customers in these situations weren’t readily available”
Steve continues: “Anyone who would like to discuss this can give us a call. Our mortgage team can answer any questions, provide free advice on whether it’s a suitable option or simply provide more information about the process and what that would involve.”
Marsden Building Society are championing their ‘just a number’ campaign in branches as well as running activities at the Garstang Show and Clitheroe Food Festival to help raise awareness around later life lending options.
For more information, call 01282 440537 or visit www.themarsden.co.uk/over55mortgages